Protecting Gen Z from Fraud

As a new generation is entering into the workforce or continuing their education, stay up to date on ways to keep your financial and personal information safe and secure as well as avoiding common scams targeting the Gen Z generation. 

How to keep your financial and personal information safe and secure:

• Be wary of ads on social media.  Some scammers take out social media ads with deals that seem too good to be true (they are). Everyone, not just young adults, can use a reminder that not everything is always as it appears online. It’s a good idea to research a company to make sure it’s reputable before making a purchase.
• Be smart about peer-to-peer payments.  Paying friends through their phone is second nature to teens and young adults, but they may not realize that once the money is sent, they can’t get it back. Everyone should double check that they’re paying the right person, and never send money to someone they don’t know well.
• Limit credit card access on phones and gaming devices.  If your credit card information is on your phone or gaming console, you run a greater risk of unauthorized purchases. By limiting what you can purchase on your device, you have a better chance of keeping your financial information safe.
• Avoid unknown links.  Scammers often send suspicious links through text messages, but it doesn’t stop there. Some scammers will target teens and young adults using social media, posing as a fan and commenting on their posts with links that could compromise their device. Avoid clicking on unknown links whenever possible.
• Keep personal information private.  In today’s social sharing environment, it may not seem like a big deal to share a birthday, hometown or even a pet’s name online, but this is the type of information scammers use to steal identities. Teens and young adults should be especially cautious about the information they share.

As scammers continue to find new and innovative ways to steal identities and money, everyone must stay vigilant. But for many teens and young adults who grew up online, it’s especially important to stay alert and aware of the following types of scams.  (Note - this is not a complete list, but an example of some of the most popular.)

Impostor – A scam in which someone contacts you pretending to be someone you know or from a company, school, or government agency. Here are some examples of ways the scam can play out:

• Through random text or instant messages requesting to meet for coffee or just to say “Hi.” It’s a scam. Ignore the message and report it as junk.
• In online quizzes, party invitations, and greeting cards. If you don’t know who sent it to you, don’t click any links or provide any information.
• If you meet someone on a dating platform, be cautious if they want to contact you on a different platform, ask for money for an emergency, or invest with them.
• If you get contacted about unpaid college tuition, before paying, contact the school directly to verify your account. Most schools offer a secure online payment portal or visit the school in person to make payments.
• Never pay a utility bill to someone who calls you threatening to turn off your service. A real utility company will notify you in writing and offer a repayment plan. Contact the company directly to verify your account and make payments.

Online shopping – Scams are commonplace in online shopping

• If you get a message about an unexpected package delivery, don’t click any links.
• For airline travel, delays, and cancellations, always contact the airline through its official app, website, chat, phone number, or in person at the airport. Don’t give out personal information or confirmation numbers to unverified individuals claiming to be from an airline or travel app.
• When ordering food delivery, never click on any links in a text or email or provide personal information when asked to verify your order.

Sweepstakes and lotteries – These scams involve receiving a letter, email, or text message claiming you have won a prize.

• Scammers will ask “winners” to claim their prize by sending a personal check, money order, or wire transfer to cover taxes, fees, shipping costs, or insurance. It’s illegal for a U.S. resident to play a foreign lottery. Do not send money to claim winnings in a contest, especially one you did not enter.

Job opportunities – These scams involve home-based or remote work for pay that is significantly higher than standard. Contact is made through email from someone claiming to represent a made-up company who came across the recipient’s email address through a job board, LinkedIn, or in response to an application they sent in.

• Be wary of companies that require you to download a specific mobile app to communicate or conduct interviews only through text or chat.
• Verify at least two contact methods for a company representative. Make sure the address provided matches the business and the phone number is in service.
• Research the company before agreeing to work for them. Check the Better Business Bureau’s website to see if the company is listed, and search online for reviews from previous employees or customers.
• Look out for immediate offers and start dates, especially if the position is offered without an interview or requires the employee to pay for training or certifications.

QR Scams - There are reports of scammers covering up QR codes on parking meters with a QR code of their own. And some crafty scammers might send you a QR code by text message or email and make up a reason for you to scan it. These are some of the ways they try to con you:

• they lie and say they couldn't deliver your package and you need to contact them to reschedule
• they pretend like there’s a problem with your account and you need to confirm your information
• they lie, saying they noticed suspicious activity on your account, and you need to change your password

These are all lies they tell you to create a sense of urgency. They want you to scan the QR code and open the URL without thinking about it. A scammer’s QR code could take you to a spoofed site that looks real but isn’t. And if you log in to the spoofed site, the scammers could steal any information you enter. Or the QR code could    install malware that steals your information before you realize it.

So, take the time to protect yourself and your financial information.  If you have any questions, you can reach out to bank personnel at any time for help.